Nickel North Signs $100,000 Loan Agreement with Its Major Shareholder and Renews 15 Mineral Claims to 2026
Nickel North Signs $100,000 Loan Agreement
with Its Major Shareholder and Renews 15
Mineral Claims to 2026
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2024) - Nickel North Exploration Corp. (TSXV:
NNX) (the "Company") has entered into a loan agreement with SinoTech (Hong Kong) Corporation
Limited ("SinoTech") for a loan (the "Loan") to the company in the principal amount of $100,000 for a
term of one year. The principal amount will bear interest at a fixed rate of 10 per cent per annum.
The
Loan is unsecured and the Company did not pay any bonus to SinoTech in connection with the Loan.
The lender is a wholly owned subsidiary of Sinotech Minerals Exploration Co. Ltd. SinoTech owns
approximately 50.253 per cent of the issued common shares of the Company.
The Loan is considered a "related party transaction" under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions. The Loan is exempt from the requirements to obtain a
formal valuation pursuant to the exemption in Section 5.5(b) of MI 61-101, as the Company is not listed
on a specified market, and is exempt from minority shareholder approval pursuant to Section 5.7(1)(f) of
MI 61-101, as the Loan does not have an equity or voting component and is on reasonable commercial
terms that are not less advantageous to the Company than if the loan agreement were obtained from an
arm's-length party.
On a separate note, the Company has renewed 15 mineral claims from Hawk Ridge Project to April 30
th
of 2026 or June 4
th
of 2026 on March 21th of 2024. The Company can use its working credits to renew
other 233 mineral claims to 2026 in June of 2024.
About Nickel North Exploration
Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE
mineral resource at its Hawk Ridge Project in Northern Quebec. The board of directors, advisor
committee and management team are experienced, successful mine finders. The property consists of a
50 km long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 km2. Quebec is a
mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good
relations with local Inuit communities and is committed to sustainable development. For more
information on the company, please visit
www.nnexploration.com
or follow Company on Twitter at
https://twitter.com/nickelnorth
.
Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals
value chain by Quebec's Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the
Development of Critical and Strategic Minerals 2020-2025 (quebec.ca), which is part of Quebec's Plan
for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration
and mining of SCMs, their transformation and recycling.
Per:
"Tony Guo"
Tony Guo
Nickel North Exploration Inc.
Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480)
E-mail:
North America IR / PR
Jemini
Capital
Jorge Galindo
Tel: +1 (647) 725-3888 x702
For further information please visit
http://www.nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward-looking information in this news release may
include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause
actual results to differ materially from such forward-looking information include, but are not limited to,
those risks set out in the Company's public documents filed on SEDAR. Although the Company believes
that the assumptions and factors used in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-
looking information, whether as a result of new information, future events or otherwise, other than as
required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The securities being offered have not been, nor will they be registered under the United States
Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state
registration or an applicable exemption from the U.S. registration requirements. This release does not
constitute an offer for sale of securities in the United States.
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